The Ministry of Finance cut fuel prices and raised fuel import tariffs for a second time in just 10 days Wednesday, as global oil prices continued to hover at low levels.

The most popular 92-octane gasoline and 95-octane would both be VND1,000 cheaper at VND11,000 and VND11,500 a liter, the Ministry said in a statement.

The statement added diesel and kerosene prices would also fall by VND1,000.

With effect from today, the import tariff on gasoline, kerosene and mazut, a low-quality oil used for engines, will increase to 40 percent from 35 percent.

The new tariffs are the highest in a range fixed by the ministry, online newspaper VietNamNet said.

Bui Tien Thoa, head of the Ministry of Finance’s Price Control Department, told Thanh Nien Daily the price cuts are reasonable considering global crude oil prices have been around the US$40 per barrel mark for such a long time now.

Crude oil has tumbled 70 percent since reaching a record $147.27 a barrel on concerns the global slowdown will cut demand for fuels. Oil futures for January delivery were at $43.01

a barrel in after-hours electronic trading on the New York Mercantile Exchange at 2:37 p.m. Wednesday Singapore time, Bloomberg reported.

When the crude oil price went below $40 a barrel last week, Vietnamese importers admitted they earned a profit of VND2,000-3,000 on every liter.